Global Aquafeed Industry Report 2023: An $88 Billion market by 2028 - Aquafeed Pivotal to Meet Surging Demand for Seafood
DUBLIN, Aug. 29, 2023 /PRNewswire/ -- The "Global Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, the aquafeed market is projected to reach USD 88.0 billion by 2028 from USD 61.8 billion by 2023, at a CAGR of 7.3%
The report focuses on commercial aquafeed, while farm-made aquafeed has been excluded from the study scope. The global demand for seafood continues to rise, driven by population growth, increasing disposable incomes, and changing dietary preferences.
As a result, aquaculture, farming fish and other aquatic organisms, is expanding to meet the growing need for seafood. Aquafeed plays a vital role in supporting the development and growth of farmed fish, as it provides essential nutrients and promotes optimal health. The growing demand for seafood, therefore, fuels the demand for aquafeed.
Growth in the aquafeed market has been aided by rising worldwide seafood consumption and rising consumer awareness of the quality of seafood products. Additionally, it is anticipated that an increase in per capita income, particularly in emerging countries, will support the expansion of the aquaculture and aquafeed industries.
Long-term market expansion is anticipated to be constrained by rising raw material costs because the bulk of high-quality feed is made with fish meal and fish oil.
By ingredients, fish meal segment is projected at a fastest during the forecast period
Fishmeal is prepared by using wild-caught and small marine fish, which contain a high percentage of bones and oil. It is unsuitable for human consumption. It typically contains 60% to 72% protein; 5% to 12% fat; and a high content of EPA and DHA fatty acids more commonly referred to as Omega-3, vitamins, and minerals.
The use of fishmeal in the diet of aquatic animals improves the overall efficiency of the feed and improves their growth, palatability, nutrition uptake, digestion, and absorption, thus driving the demand for fish meal in aquafeed market.
By form, the dry segment is projected fastest during the forecast period
The feed for fish is most commonly available in the form of pellets or granules, and usually contains moisture of approximately 7%-13%. Most aquafeed manufacturers adopt the use of the dry form of feed due to its free-flowing structure and ability to provide consistency. Dry feed has superior feed conversion ratios, which means that aquatic animals use the nutrients in the diet more effectively.
As a result, the aquaculture species may perform better overall and grow at higher rates while spending less on feed. Companies are also coming up with new product launches, such as, in April 2023, MiAlgae, Scottish biotech company, launched NutrAlgae, an omega 3 powder which is a nutritious feed ingredient.
It can be used as fish feed and pet food ingredient. The product has a high concentration of DHA and other oils. This is allowing new ingredient-based products thus driving the aquafeed market.
By species, the fish segment is projected fastest during the forecast period
The oldest and most popular type of aquaculture, or cultivation of aquatic animals, is fish farming. Fish-focused aquafeed is in high demand due to the vast farming of fish species like salmon, tilapia, carp, and catfish over a long period of time.
In addition, fish are highly prized for the nutrients they contain, particularly the omega-3 fatty acids and premium protein. Due to this, there is a substantial market demand for farmed fish for both home and international use. Aquaculture producers depend on nutrient-balanced and species-specific aquafeed formulations to promote the development, health, and quality of farmed fish in order to meet this demand.
By lifecycle, grower segment is projected in fastest during the forecast period
Proteins are an important requirement for the growth of fish. The protein requirements are generally higher for fish, which are smaller in size and are at the early stages of life.
As the fish grows larger, the protein requirements are usually lower. For optimum growth and development, small fish, such as fingerlings or juvenile fish, have nutritional needs. Grower feeds are designed to suit the nutritional requirements of small fish by delivering a well-balanced mix of proteins, carbs, fats, vitamins, and minerals. These feeds are made to promote the juvenile fish's skeletal development, overall wellbeing, and healthy growth.
The nutritional requirements of small fish alter as they mature and develop to bigger sizes. By offering proper nutrient profile for their intermediate growth stages, grower feeds assist in bridging the nutritional gap between starter feeds and adult feeds. They act as a transitional diet that gets the fish ready for their eventual switch to adult feeds, which have various nutrient profiles.
By additives, amino acids segment is projected in fastest during the forecast period
Amino acids are important in animal nutrition and are the building blocks of protein, which play an essential role in the growth, production, and overall maintenance of aquatic animal health. They provide the energy required for the growth of muscles and bones for muscle movement, digestion, and blood circulation.
Amino acids are essential for the effective utilization of other nutrients, including fats and carbs. Lack of certain amino acids in the diet could interfere with the metabolism and absorption of nutrients, thereby reducing feed efficiency and nutrient utilization. The optimization of nutrient utilization and the improvement of feed conversion into biomass are both aided by the supplementation of the lacking amino acids.
Methionine, lysine, tryptophan, and threonine are the four types of amino acids widely used in animal feed. Tryptophan regulates the immune system, maintains health, increases appetite, and improves the growth rate and efficiency of feed.
Asia Pacific will significantly contribute towards market growth during the forecast period
The Asia Pacific region includes countries such as China, Indonesia, Vietnam, Thailand, India, and Rest of Asia Pacific. The region also accounted for the largest share of 63.5% in the global aquafeed market in 2022. According to a report published by FAO in 2022, Asia continued to dominate the global aquaculture production, with the production share of 70% in 2020, which is followed by Americas accounting 12% and then Europe having the share of 10%, and the rest of the aquaculture production is contributed by Africa and Oceania.
China remained the major producer with a share of 35% of the total output. The expansion in the global aquaculture is also attributed to the large fishing fleet that Asian countries have, which is about two-thirds of the global total. Therefore, the expansion of the aquaculture sector in Asia Pacific drives the demand for aquafeed.
The region has a significant share in global aquaculture production, and as the industry grows, there is a greater need for high-quality and sustainable aquafeed, which is anticipated to drive the aquafeed market in the region.
Premium Insights
- Increasing Trade of Seafood to Propel Market Growth
- China Accounted for Largest Share in 2022
- Grower Segment to Dominate Market During Forecast Period
- Dry Form Dominated Market in 2022
Market Dynamics
Drivers
- Growth in Aquaculture Industry
- Rise in Seafood Trade to Propel Demand
- Increase in Consumption of Fish
Restraints
- Lack of Awareness About Modern Feeding Methods in Developing Countries
Opportunities
- Growth in Support from Governments
- Development of Innovative Products as Source of Protein
Challenges
- Growth in Environmental and Human Health Concerns
- Disease Outbreaks and Disease Prevention Measures
Industry Trends
Value Chain Analysis
- Research and Development
- Procurement
- Manufacturing/Production
- Distribution
- Marketing and Sales
- End-user
Ecosystem Map
- Aquafeed Market: Ecosystem View
- Aquafeed Market Map
- Upstream
- Aquafeed Manufacturers
- Raw Material Providers
- Academia and Research Institutes
- Downstream
- Retailers and Distributors
Case Study
- Avanti Feeds Limited: Revolutionizing Aquafeed Industry in India
- Revolutionizing India's Aquafeed Industry: Avanti Feeds Limited's Collaborative Approach and Technological Advancements
Company Profiles
Key Players
- ADM
- Cargill, Incorporated
- Ridley Corporation Limited
- Nutreco
- Alltech
- Purina Animal Nutrition
- Adisseo
- Aller Aqua A/S
- Biomin
- Biomar
- Norel Animal Nutrition
- Avanti Feeds Limited
- De Heus Animal Nutrition B.V
- Novus International
- Biostadt India Limited
Other Players/Startups/Smes
- The Waterbase Limited
- Marubein Nisshin Feed Co., Ltd
- Marvesa
- Beneo
- Japfa Comfeed
- Cpf plc
- Growel Feeds
- Sonac
- Kent Feeds
- Lifecircle Nutrition
For more information about this report visit https://www.researchandmarkets.com/r/776ds1
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